The new USDA Pilot Refinance mortgage package is now available to tens of thousands of rural men and women in Wesley Chapel and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will grant Florida’s rural homeowners to refinance their mortgage to a lower monthly interest rate no matter the home loan to property value ratio. Even upside down and underwater loans also qualify with this new program.
There are no up front fees to the home owner as closing costs can now be included in the latest USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Wesley Chapel, FL homeowners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Please note you need to already have a USDA rural housing mortgage to be permitted to the program. If you’ve got a conventional loan or FHA loan there are different choices available.
The latest USDA Pilot Refinance mortgage program will help to curb the bureaucracy usually experienced with traditional bank mortgage refinancing and often times save credit seekers several hundred dollars monthly. In order to become qualified to apply, home owners must have made their mortgage payments on schedule for 12 continuous months. Right now there are over 35,000 customers qualified to apply in Florida alone – numerous home buyers within the municipalities of Orlando, Lakeland, Ocala, Gainesville, Tampa and Jacksonville are able to apply!
Requirements of the new USDA Rural Refinancing Pilot program include:
- You are required to currently have a USDA or Rural Housing mortgage. No matter what your existing home loan carrier is, for example Chase, Bank Of America, or Regions, we will assist!
- No late loan payment during the last 12 months.
- Mobile or Manufactured homes will not be eligible.
- The new term of the USDA refinance will have to be a 30 year mortgage.
- The upfront USDA guarantee fee is 2% that is rolled into a new USDA mortgage.
- The applicable USDA annual/monthly fee will be .35%
- The new mortgage loan could include the principle balance of your existing mortgage plus the up front USDA guarantee payment of 2% and all of closing costs.
- No cash out is accepted when using the USDA refinance program.
- Income confirmation for all of the adult household members is required for USDA net income qualification requirements only, not for analyzing monthly payment propensity.
- Buyers will need to be employed at the time of closing on the refinance transaction or may have alternate origins of net income, including: retirement income, social security income, disability benefits earnings, spousal support or child support.
- The loan to value (LTV) limit is unrestricted. No constraints for home-owners that are under water and have seen their property value decline in the last few years. No new appraisal or house assessment is necessary!
Wesley Chapel USDA Rural Loan Refinancing
The essential purpose of the USDA refi program is to help out Florida’s rural residences that have done all the things right, but may have lost substantial equity in the home as a consequence of the recent real estate market declines. A large number of Florida home owners are making their home loan repayments on time but can’t take full advantage of the historically low interests due to deprecation in residential home values and equity constraints put in place by most lenders and loan companies. This new USDA Pilot Refinance loan program is built to make it easier for property owners, despite existing LTV or negative equity.
Do you need more info on the Florida streamline USDA home refinance mortgage? Just complete the quick information form (upper right area on this page) or even call us Seven days a week/ 9am-8pm at 800-743-7556. Serving all of Pasco county.